Goldman Sachs Dynamic Municipal Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Goldman Sachs Dynamic Municipal Income Fund held 4,776 positions with $12.28B in net assets. Its ten largest holdings made up 5.4% of the fund. The GSMTX share class costs 0.39% a year. Over the 12 months to May 2026, GSMTX returned 6.2%, with dividends reinvested. In 2026 Q2 it added 210 new positions and exited 142.
The Goldman Sachs Dynamic Municipal Income Fund (the Fund) seeks a high level of current income that is exempt from regular federal income tax.
The fund invests at least 80% of assets in municipal securities whose interest is exempt from regular federal income tax, using a multi-faceted approach that combines top-down macro analysis with bottom-up security selection based on credit quality, valuation, and portfolio structure; it may hold up to 30% in non-investment-grade municipal bonds and up to 100% in private activity bonds. Because security selection depends on the manager's credit and valuation assessments rather than an index rule, fund holdings and performance may diverge from its benchmark, the Bloomberg Municipal Bond 1-10 Year Blend Index. The fund may concentrate investments within a single state or economic sector.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
PUERTO RICO SALES TAX FINANCING CORP 4.33% · due 2040-07-01 | 1.15% | $140.54M | — |
GOLDMAN SACHS TRUST | 1.02% | $125.76M | — |
MASSACHUSETTS (MA), COMMONWEALTH OF 5.00% · due 2052-08-01 | 0.56% | $68.50M | — |
SOUTHEAST ENERGY AUTHORITY (AL) 5.00% · due 2030-10-01 | 0.48% | $59.39M | — |
SOUTHEAST ALABAMA GAS SUPPLY DISTRICT (THE) 5.00% floating · due 2049-06-01 | 0.43% | $52.72M | — |
CHICAGO CITY BOARD OF EDUCATION (IL) 6.00% · due 2046-04-01 | 0.40% | $49.36M | — |
TEXAS MUNICIPAL GAS ACQUISITION AND SUPPLY CORP II (TX) 3.29% floating · due 2027-09-15 | 0.36% | $44.82M | — |
MARATHON OIL CORP 3.00% floating · due 2037-06-01 | 0.35% | $43.08M | — |
DORMITORY AUTHORITY OF THE STATE OF NEW YORK (NY) 5.00% · due 2047-03-15 | 0.34% | $41.67M | — |
PUERTO RICO SALES TAX FINANCING CORP 5.00% · due 2058-07-01 | 0.34% | $41.24M | — |
The 200 largest of 4,776 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 98.81% |
| Cash & short-term | 1.02% |
| Derivatives | -0.04% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
How it has done
GSMTX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.40%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 7 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.39% | +6.21% | +14.00% | +6.92% | -4.51% | |
| 0.89% | +5.74% | +12.29% | +4.32% | -4.67% | |
| 0.72% | +5.86% | +12.87% | +5.18% | -4.58% | |
| 1.47% | +5.14% | +10.37% | +1.38% | -4.83% | |
| 0.47% | +6.13% | +13.72% | +6.49% | -4.53% | |
| 0.38% | +6.22% | +14.03% | +7.04% | -4.57% | |
| 0.38% | +6.22% | +14.03% | +6.98% | -4.50% |
These classes hold the same portfolio, so the 5.66pp spread over 5 years is the cost difference between them — roughly 1.13pp a year — not a difference in what they own.
Fees & fund details
Goldman Sachs Dynamic Municipal Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.38% – 1.47%· GSMTX 0.39%
- Portfolio turnover
- 27.00% a year · as of 2025 Q3
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
210 new· the largest 8
142 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 80.4% |
| Floating rate | 15.8% |
| Zero-coupon or unclassified | 3.8% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.4% |
| 1-3y | 6.4% |
| 3-5y | 7.4% |
| 5-10y | 15.0% |
| 10y+ | 68.8% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 51% |
| Interest rates | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +3.95 yr |
| High yield | +1.45 yr |
Share of duration at each point, shortest first. This filer signs its rate and credit disclosures differently; the direction shown follows its interest-rate filing, and a negative reading is the least-supported figure here.
| 3 mo | 0.04 yr | 1% |
| 1 yr | 0.49 yr | 9% |
| 5 yr | 1.40 yr | 27% |
| 10 yr | 2.54 yr | 49% |
| 30 yr | 0.73 yr | 14% |
| 3 mo | 0.06 yr | 1% |
| 1 yr | 0.19 yr | 4% |
| 5 yr | 0.62 yr | 12% |
| 10 yr | 2.54 yr | 47% |
| 30 yr | 1.98 yr | 37% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.04 | +0.01 | +0.05 | $8.1k | $66.1k |
| 1 yr | +0.49 | +0.16 | +0.04 | $193.1k | $45.0k |
| 5 yr | +1.40 | +0.47 | +0.15 | $575.3k | $187.4k |
| 10 yr | +2.54 | +1.87 | +0.67 | $2.29m | $825.7k |
| 30 yr | +0.73 | +1.45 | +0.54 | $1.78m | $658.1k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
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